ED Attaches DLF Camellias Apartment, Rs 54 Crore in Gensol Group Money Laundering Probe

New Delhi: The Enforcement Directorate (ED) has provisionally attached a luxury apartment at DLF The Camellias in Gurugram along with bank balances totalling nearly Rs 54 crore as part of its ongoing investigation into alleged financial irregularities linked to the Gensol Group.

In an official statement, the ED said the attached immovable asset is Apartment No. CM 706-A at DLF The Camellias, Gurugram, Haryana. The property is registered in the name of M/s Capbridge Ventures LLP, a company associated with the Gensol Group, and has an estimated value of Rs 40.57 crore.

In addition to the luxury apartment, the agency has also attached bank balances amounting to Rs 14.28 crore held across multiple accounts of Gensol Group entities. Together, the total value of the attached assets stands at approximately Rs 54 crore.

According to the ED, the attachments form part of a Money Laundering investigation initiated on the basis of two FIRs registered by the Economic Offences Wing (EOW). The FIRs name M/s Gensol Engineering Ltd (GEL), M/s BluSmart Fleet Pvt Ltd, Go Auto Pvt Ltd, promoters Anmol Singh Jaggi and Punit Singh Jaggi, Ajay Agarwal of Go Auto Pvt Ltd, and other related individuals.

The agency alleges that Gensol Engineering Ltd and its group entity BluSmart Fleet Pvt Ltd entered into a criminal conspiracy with Go Auto Pvt Ltd to divert public funds obtained as loans from government-backed lenders and non-banking financial companies (NBFCs).

These loans were sanctioned by public sector undertakings Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), as well as Toyota Financial Services India Ltd. The stated purpose of the funding was the expansion of an electric vehicle (EV) fleet.

However, the investigation revealed that the loan amounts were routed through Go Auto Pvt Ltd, an authorised dealer of Tata electric vehicles, and subsequently layered through a complex web of transactions across multiple group entities. The ED claims that the funds were ultimately misappropriated for personal benefits of the promoters and for financing other commercial ventures within the Gensol Group.

As a result of the alleged diversion of funds, lenders including IREDA, PFC and Toyota Financial Services India Ltd are said to have suffered substantial financial losses. The ED noted that the loan accounts of Gensol Engineering Ltd eventually turned into non-performing assets (NPAs).

As of December 2025, Gensol Engineering Ltd reportedly owed a combined total of Rs 505.27 crore to IREDA and PFC, the agency said.

Further findings indicate that promoter Anmol Singh Jaggi, allegedly with the assistance of co-conspirator Ajay Agarwal, used a portion of the diverted loan funds to acquire the high-end residential property at DLF The Camellias. Consequently, the apartment has been provisionally attached under the Prevention of Money Laundering Act (PMLA) as proceeds of crime.

The ED has also attached bank balances held by several Gensol Group companies and suspected benami entities, including accounts opened in the names of group employees that were identified during search operations.

The agency said the investigation into the alleged money laundering activities is ongoing, and further action may follow based on additional evidence gathered during the probe.